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Madison Company issued 200 shares of stock for $10 apiece when it began business on January 1, 2019. No stock has been issued since that time. The balance in stockholders' equity at January 1, 2025 was $40,000. During 2025, $10,000 was paid in dividends. At December 31, 2025, Madison had total assets of $92,000 and total liabilities of $32,000. What was Madison's earnings per share?A) $260B) $160C) $200D) $150

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Which of the following statements is CORRECT? Assume that the firm is a publicly-owned corporation.a. If a firm's managers want to maximize the value of the stock, they should, in theory, concentrate on project risk as measured by the standard deviation of the project's expected future cash flows.b. If a firm evaluates all projects using the same cost of capital, then its risk will probably decline over time.c. Projects with more than average risk typically have higher than average expected returns. Therefore, to maximize a firm's intrinsic value, its managers should favor high beta projects over low beta projects.d. Project A has a standard deviation of expected returns of 20%, while Project B's standard deviation is only 10%. A's returns are negatively correlated with the firm's other assets and with returns on most stocks in the economy, while B's returns are positively correlated. Therefore, Project A is less risky to a firm and should be evaluated with a lower cost of capital.e. If a firm has a beta that is less than 1.0, say 0.9, this would suggest that the expected returns on its assets are negatively correlated with the returns on most other firms' assets.

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